Oil & Gas: Segment reporting (ASU 2023-07)

Year Ended December 31, 2025	Millions of Dollars
Alaska	L48	Canada	EMENA	AP	Segments Total	Corporate	Consolidated Total
Segment sales and other operating revenues
Sales and other operating revenues	5,638	41,404	5,600	6,485	1,770	60,897	63	60,960
Intersegment eliminations	—	( 9 )	( 1,975 )	( 1 )	—	( 1,985 )	( 31 )	( 2,016 )
Consolidated sales and other operating revenues # *	5,638	41,395	3,625	6,484	1,770	58,912	32	58,944
Significant segment expenses
Production and operating expenses	2,158	5,856	833	962	367	10,176	155	10,331
DD&A	1,399	8,121	556	912	460	11,448	52	11,500
Income tax provision (benefit)	271	1,380	236	2,820	238	4,945	( 277 )	4,668
Total	3,828	15,357	1,625	4,694	1,065	26,569	( 70 )	26,499
Other segment items
Equity in earnings of affiliates	( 1 )	( 11 )	—	( 558 )	( 762 )	( 1,332 )	( 3 )	( 1,335 )
Interest income	—	—	—	—	( 8 )	( 8 )	( 303 )	( 311 )
Interest and debt expense	—	—	—	—	—	—	855	855
Other**	1,081	20,785	1,259	1,124	308	24,557	691	25,248
Total	1,080	20,774	1,259	566	( 462 )	23,217	1,240	24,457
Net income (loss)	730	5,264	741	1,224	1,167	9,126	( 1,138 )	7,988
# Includes revenue from physical contracts meeting the definition of a derivative that are outside the scope of ASC Topic 606 for the L48, Canada and EMENA segments of $ 5.7 billion, $ 0.7 billion and $ 0.8 billion, respectively.
*In 2025, sales by our L48 segment to a certain pipeline company accounted for approximately $ 5.3 billion or approximately 10 percent of our total consolidated sales and other operating revenues.
**Other segment items not required to be separately disclosed for each reportable segment include:
Gain (loss) on disposition: L48, EMENA and Corporate
Other income: L48, Canada, EMENA, AP and Corporate
Purchased commodities: Alaska, L48, Canada, EMENA and AP
Selling, general and administrative expenses, Exploration expenses, Taxes other than income taxes and Accretion on discounted liabilities: Alaska, L48, Canada, EMENA, AP and Corporate

Other segment disclosures

The following tables include a summary of significant revenue and expense line items for each segment. Items within “Significant segment expenses” align with the significant segment-level information that is regularly provided to the CODM as required by the adoption of ASU 2023-07 in the fourth quarter of 2024. Intersegment expenses are included within the amounts shown.

106	OXY 2025 FORM 10-K

table of contents

FINANCIAL STATEMENTS FOOTNOTES

OIL AND GAS SEGMENT

Other segment expenses include asset impairments and other charges, selling, general and administrative expense and exploration expense:

Years Ended December 31,
millions	2025	2024	2023
Revenues and other income
Net sales	20,902	21,705	21,284
Gains (losses) on sale of assets and other income	( 70 )	( 551 )	192
Total	20,832	21,154	21,476
Significant segment expenses
Oil and gas lease operating expense	4,681	4,738	4,677
Transportation and gathering expense	1,629	1,583	1,427
Other operating and non-operating expense	1,161	997	889
Taxes other than on income	1,009	1,026	1,076
Depreciation, depletion and amortization	7,115	6,565	6,112
Other segment expenses	633	993	1,031
Total	16,228	15,902	15,212
Segment income before other items	4,604	5,252	6,264
Losses from equity investments and other	( 18 )	( 38 )	( 24 )
Segment income from continuing operations before taxes	4,586	5,214	6,240

MIDSTREAM AND MARKETING SEGMENT

Other segment expenses include asset impairments and other charges, transportation expense, taxes other than on income, and selling, general and administrative expense: